Government to use data analytics to go after 18 lakh suspect depositors

According to revenue secretary Adhia, missives will be sent to tax payers on deposits of over Rs 5 lakh in the first phase of the crackdown.

ET Online

January 31, 2017, 16:35 IST

The Centre will use data analytics to dig deep into large deposits between November 9 and December 31, ET Now reported on Tuesday.

"Eighteen lakh taxpayers will be asked about the source of large deposits," said revenue secretary Hashmukh Adhia, revealing the contours of the crackdown called 'Operation Clean Money'.

According to Adhia, missives will be sent to tax payers on deposits of over Rs 5 lakh in the first phase of the crackdown. The government may use the e-filing portal to question taxpayers on deposit data. "The CBDT has developed software to analyse deposit and expenditure in old notes. This will verify all deposits post November 9," said Adhia.

Income Tax department will send e-mail and SMS to those whose deposits don't match their payment profiles, Adhia said.

According to ET now, there are more than 1 crore accounts with deposits of over Rs 2 lakh, which could face assessment heat.

The Centre had sent missive to banks and post offices to submit details of high value cash deposits in banks taking place after the announcement of demonetisation scheme.

People who deposited a total of Rs 2.5 lakh between November 10 and December 30 this year will also be under IT scanner. Cash deposits aggregating to Rs 12.5 lakh or more in current accounts will also scrutinised, a senior official in income tax department told ET.